Is Bitcoin Betting Safe? All You Need to Know in 2021

Bitcoin Betting Safe

So, you’ve seen everyone in social and mainstream media talk about how cryptocurrencies and Bitcoin are revolutionizing whole industries, and you’re wondering how you can make them work for you?

Maybe you’ve even got a little Bitcoin stashed away and you’re now wondering whether betting with it is actually safer than traditional gambling.

Good news! The betting industry is already taking strides to make use of this revolutionary technology to provide you with even greater benefits!

While not many punters are familiar with Bitcoin betting yet, blockchain allows betting sites to offer you greater security, confidentiality, and lightning-fast transactions!

This article aims to inform you why Bitcoin betting is safe, how exactly betting with Bitcoin assures safety, and much more.

So, read on!

Is Bitcoin Betting Safe?

With over 11,000 cryptocurrencies in existence at the time of writing and more being created every day, critics claim that the space is very easy to get lost in; yet the top blockchains, among which Bitcoin is the best known and most used, are extremely decentralized.

Bitcoin as a Proof-of-Work blockchain, which is ‘mined’ via millions of computers solving complex cryptographic problems, is popularly considered vulnerable to only two things: Quantum computing and a 51% attack.

The former is the better part of a decade away technologically, while the latter would require an attacker to control a majority of the computing power dedicated to mining Bitcoin, the sheer size of which is unavailable to even nation-states.

With the safety of Bitcoin and its blockchain now assured, the question of whether Bitcoin betting itself is safe can be answered easily, and an argument can be made that it is indeed safer than conventional betting!

Here are all the elements that make it so:

Confidentiality

When you make a payment to a bookmaker using Bitcoin, all anyone knows about you is the public key of the wallet from which you made the payment.

This is as designed, offering transparency and yet only displaying a string of characters that make up your wallet.

This means that anyone who views this transaction knows nothing about you, who you are, where you live, or anything else. As such, you can rest easy knowing that none of your confidential information has been shared with anyone!

This is in stark contrast to the traditional financial system, where your information is at severe risk given that it is stored with multiple parties and therefore vulnerable to hacks or breaches.

Faster Payments

With traditional betting, you were forced to deal with banks and all the traditional methods of payment and withdrawals. You can stop worrying about all of that now when you use Bitcoin for your betting!

While credit card systems and other services do promise instant payment for a fee, they actually take a long time to complete the settlement of funds behind the scenes.

Bitcoin, however, is extremely fast and transactions are fully settled within minutes!

2-Factor Authentication

Cryptocurrency users, especially those who store their coins in their own off-exchange wallets, electronic or otherwise, are well aware that keeping track of their wallet information and login details is of the utmost importance.

Without these particulars, from login information to wallet private keys, payments simply can’t be made and thus serves as a layer of additional security.

Security

Bitcoin is highly decentralized, given that it is mined by millions of computers all over the world.

A majority of these mining computers have to agree to validate transactions, which means an attacker would have to take over a vast number of computers in thousands of locations all over the world simultaneously.

This makes the Bitcoin blockchain extremely secure, and as adoption grows with each passing day, Bitcoin just keeps getting safer and safer.

When a payment or transaction is made on the Bitcoin blockchain and then validated, it can’t then be rolled back or canceled.

This basic blockchain feature, referred to as ‘immutability’, protects punters who may be wary of the traditional finance system where payments can be rolled back, tampered with, or just disappear into the void.

Why Do Bitcoin Betting – 3 Bitcoin Betting Benefits

Now that you know exactly what makes Bitcoin betting safe, take a look at 3 Bitcoin betting benefits that you can never get from traditional betting:

  • Be Your Own Bank. One of the biggest benefits of betting with Bitcoin is that users can stay well clear of the banking system. While some sites may require KYC (Know Your Customer) protocols, using cryptocurrencies means remaining independent and in full control of one’s own funds.
  • Fast, Extremely Secure Transactions. While the traditional banking system requires a significant amount of time for funds to settle and clear, cryptocurrencies are extremely fast, with several blockchains settling transactions almost instantly and Bitcoin taking no more than a few minutes.
  • Immutable Public Ledger. Once payment via a bank is made, the customer or punter loses all visibility of where their funds are and what’s happening to them, and they simply have to trust the system that their funds will eventually clear. On the blockchain, all transactions can be tracked and are secured via a consensus, disabling third parties’ ability to roll back transactions, electronically interfere or otherwise sully the waters.

12 Best Bitcoin Betting Websites

1.

n1bet logo white

N1Bet

9.76

✅ Generous welcome bonus

✅ Wide range of accepted cryptocurrencies

✅ Sports and live betting options

BONUS

Up to €400 + 200 Free Spins

2.

7 bit casino logo

7Bit

9.52

✅ 5000+ exclusive BTC Games

✅ Retro casino aesthetic

✅ Robust VIP program

BONUS

1.5 BTC on first deposit,
1.25 BTC on second + third deposits

3.

BitCasino.io Logo

BitCasino.io

9.52

✅ 2 minute withdrawal time

✅ Huge selection of quality games

BONUS

Free spins, chips , & automatic cash rewards

4.

red dog logo

Red Dog

9.52

✅ Well-designed website + mobile app

✅High-quality RTG games

✅24/7 bonus promotion

BONUS

225% bonus + extra 20% for BTC deposits

5.

bitstarz logo

BitStarz

9.52

✅ 3000+ exclusive BTC games section
✅ Excellent mobile gaming app

BONUS

5 BTC or €/$500 + 205 Free Spins

6.

intertops logo

Intertops

9.52

✅ Exclusive mobile rewards

✅ New game promotions

BONUS

125% up to $1000

7.

betonline logo

BetOnline

9.52

✅ Sports and esports betting with high odds

✅ Variety of bonuses up to $3000

BONUS

Up to $1000

2.

7 bit casino logo

7Bit

9.76

  • Generous welcome bonus
  • Wide range of accepted cryptocurrencies
  • Sports and live betting options

BONUS

Up to €400 + 200 Free Spins

1.

n1bet logo white

N1Bet Casino

9.76

ACCEPTED CRYPTO

BONUS

Up to €400 + 200 Free Spins

n1bet homepage

Cryptocurrencies: Bitcoin, Litecoin, Tether, Dogecoin, Ethereum

Safety: N1Bet is very dedicated to your data protection. They use 128bit SSL encryption with an additional PGP protocol for extra security. Players are also given the option to add an extra security measure by activating the two-factor authentication (2FA) to protect their accounts.

Reputation: N1Bet is licensed and regulated by the Curacao eGaming Authority and has an excellent track record of customer satisfaction and safety. Their dedicated customer support team provides 24/7 support.

Games: Another reason why N1Bet is one of the best crypto gambling sites is its innovative bookmaking. Players have a wide range of sports, esports, and live betting options to choose from, as well as over 2500 casino games. You can enjoy modern slot games such as Mega Moolah or Atlantic Megaways, provided by some of the best developers in the industry such as Microgaming or NetEnt.

Bonuses: N1Bet offers a welcome package of up to €400 that can be withdrawn immediately after winning a bet (no need to wager the bonus) + 200 Free Spins.


2.

7 bit casino logo

7Bit Casino

9.76

ACCEPTED CRYPTO

BONUS

Up to €400 + 200 Free Spins

7 bit casino

Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Ethereum

Safety: 7Bit provides 128-bit encryption to secure their site and protect your personal data and transactions.

Reputation: 7Bit has been around since 2014 and has garnered a cult following of dedicated customers due to their nostalgic retro vibe and consistent quality. They are also fully licensed and regulated by the authorities of Curacao.

Games: This one really stands out from the crowd just with the sheer size of their game library. 7Bit offers a vast and exclusive selection of over 5000 Bitcoin games, including slots, poker, blackjack, and roulette.

Bonuses: 7Bit gives players a 1.5 BTC bonus on their first deposit, 1.25 BTC on the second and third deposits, and 1 BTC on the fourth. They also provide a generous 200 free spins.


3.

BitCasino.io Logo

Bitcasino.io Casino

9.76

ACCEPTED CRYPTO

BONUS

Free spins, chips , & automatic cash rewards

Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Tether, Ripple, Tron, Ada, Doge

Safety: Bitcasino is a fully audited online casino that goes to great lengths to protect its customers. Their site is secured with SSL encryption and you can add an extra protection layer to your account through two-factor authentication.

Reputation: Bitcasino is licensed and regulated by the authorities of Curacao and has a solid reputation to uphold. They care a great deal about customer satisfaction by providing excellent customer support and a record 2 minute withdrawal waiting period.

Games: Bitcasino has an amazing range of games, with over 2300 to choose from! From jackpot slots, roulette, blackjack, baccarat, video poker, or video Bingo, they have it all.

Bonuses: Though Bitcasino does not offer any welcome bonus, they do have a lucrative loyalty program that awards regular players with free spins, chips, and cash rewards.


4.

red dog logo

Red Dog Casino

9.76

ACCEPTED CRYPTO

BONUS

225% bonus + extra 20% for BTC deposits

red dog casino homepage

Cryptocurrencies: Ethereum, Bitcoin

Safety: Red Dog is very serious when it comes to protecting its customers. It secures its website using cutting-edge 256-Bit SSL encryption, premium antivirus suites, and advanced fraud-prevention systems.

Reputation: Red dog is licensed by Curacao – ArbathSolutions and is dedicated to customer satisfaction, with a 24/7 customer support service available to all players.

Games: Red Dog provides over 200 top-notch casino games developed by some of the most well-respected providers, such as RealTime Gaming and Visionary iGaming.

Bonuses: Red Dog stands out with its truly generous promotions section. It offers a
225% welcome bonus (with an extra 20% for BTC and Neosurf deposits) that can be redeemed up to 5 times!


5.

bitstarz logo

BitStarz Casino

9.76

ACCEPTED CRYPTO

BONUS

5 BTC or €/$500 + 205 Free Spins

bitstarz casino homepage

Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Ethereum, Tether

Safety: Bitstarz spares no expenses when it comes to safety. They employ the very best encryption technology to protect their customers’ data. For an added layer of security, you can use two-factor authentication on your account.

Reputation: Reputation is everything to Bitstarz Casino. They have won many awards from the world’s leading Bitcoin gambling authorities and are dedicated to keeping their customers satisfied. Like many of the best crypto gambling sites, they are also certified and regulated by the authorities in Curacao.

Games: Bitstarz is also very serious about customer satisfaction when it comes to its games. They employ over two dozen software developers to bring you over 3,000 Bitcoin games, including slots, table games, and live casino games.

Bonuses: Their welcome bonus is up 5 BTCs or €/$500, as well as up to 205 free spins.


6.

intertops logo

Intertops Casino

9.76

ACCEPTED CRYPTO

BONUS

125% up to $100

Cryptocurrencies: Bitcoin, Bitcoin Cash, Litecoin

Safety: Your personal data and banking information is secured at Intertops with SSL encryption.

Reputation: Licensed by the Kahnawake Gaming Commission, Intertops has one of the longest histories in the online casino business, dating all the way back to 1996. You can say they’ve been around the block and know all the ins and outs of the gambling world. They are dedicated to keeping their customers coming back with their excellent 24/7 customer support live chat.

Games: They provide a wide range of slots, as well as several solid tabletop games such as roulette, blackjack, and poker. These games are developed by software providers such as WGS Technology and Realtime Gaming.

Bonuses: Intertops offers a generous welcome discount of 125% that goes up to $1000 on your first deposit, along with several other rewards for loyal customers. They provide a special mobile reward every week worth up to $100, as well as a new game almost every week with its respective bonuses.


7.

betonline logo

BetOnline Casino

9.76

ACCEPTED CRYPTO

BONUS

Up to $1000

betonline casino homepage

Cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar

Safety: BetOnline uses SSL encryption to protect player information and ensure secure transactions.

Reputation: This is also one of the oldest online casinos on our list that has been operating since 1991. Licensed and regulated by the gaming commission in Panama City, BetOnline has proven to be a reliable and trusted online casino throughout its many years in the industry.

Games: BetOnline is mainly focused on betting on some of the most popular sports, such as basketball, football, MMA, and even esports. However, it also provides some slots table games, live games, and even scratch-off and Bingo.

Bonuses: BetOnline offers a welcome bonus of up to $1000.


8.

Slots-Empire logo

Slots Empire Casino

9.76

ACCEPTED CRYPTO

BONUS

100% deposit match bonus for a $30 BTC deposit

slots empire casino homepage

Cryptocurrencies: Bitcoin, Ethereum

Safety: Slots Empire uses SSL encryption to secure customer data and transactions.

Reputation: Slots Empire is licensed by the Government of Curacao and has a solid history of customer satisfaction. They provide a dedicated customer support team that can be reached 24/7 via live chat as well as hotlines.

Games: Though Slots Empire doesn’t have the biggest games library, they do offer some quality slots, table games, and live casino games developed by RTG games and Visionary iGaming. As an added perk, you can even try any of these games for free using their demo mode.

Bonuses: This casino offers a bonus like no other. You get a redemption-free, limitless code that gives you a 100% deposit match bonus for a $30 BTC deposit, 120% for up to $75 BTC, or 150% for up to $150 BTC


9.

ignition casino logo

Ignition Casino

9.76

ACCEPTED CRYPTO

BONUS

Bitcoin welcome bonus of 150% up to $3000

ignition casino homepage

Cryptocurrencies: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Litecoin

Safety: Ignition’s connection is secured using an SSL-encrypted connection, keeping your personal data and transactions protected.

Reputation: Though Ignition does not have an official license, it has been around for a while with no major customer complaints registered. They also work with some of the most well-known gaming companies in the industry.

Games: Ignition has a library of over 300 casino games and offers a $2 million weekly poker prize pool.

Bonuses: Ignition has a unique Bitcoin welcome bonus of 150% up to $3000.


10.

mBit Casino logo

mBit Casino

9.76

ACCEPTED CRYPTO

BONUS

Bonus of 110% up to 1 BTC.

mBit Casino Homepage

Cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, Tether, Litecoin

Safety: Your personal information and transactions are secured with Encryption.

Reputation: Licensed by the authorities of Curacao, mBit has been around since 2014, providing quality gaming and excellent customer satisfaction.

Games: There are many games to play at mBit, including bitcoin slots, roulette, baccarat, blackjack, live games, and even the lottery. You can also take part in their Bitcoin casino tournaments with no wagering requirements.

Bonuses: They provide a welcome bonus of 110% up to 1 BTC.


11.

cloudbet casino logo

CloudBet Casino

9.76

ACCEPTED CRYPTO

BONUS

100% up to 5 BTC/BCH/ETH welcome bonus.

Cryptocurrencies: Bitcoin, Ethereum, Dogecoin, Tether, Bitcoin Cash, USD Coin, Paxos Standard, PAX Gold, Chainlink, Dai, and more.

Safety: CloudBet uses the latest SSL encryption technology to protect your data and secure your transactions.

Reputation: Operating since 2013, CloudBet is licensed and regulated by the authorities of Curacao. It is a fully audited site that is guaranteed to be fair to its customers.

Games: Although Cloudbet Casino is more focused on sports betting, they do boast some fantastic live table games as well.

Bonuses: They offer a 100% up to 5 BTC/BCH/ETH/PAXG welcome bonus.


12.

stake casino logo

Stake Casino

9.76

ACCEPTED CRYPTO

BONUS

15% lifetime Rakeback

Cryptocurrencies: Bitcoin, Dogecoin, Litecoin, Ethereum, Bitcoin Cash, Ripple, Tron, EOS, and more

Safety: You can protect your Stake account using two-factor authentication.

Reputation: Licensed by the Curacao eGaming Authority, Stake has a history of excellent customer satisfaction. It is also a verified member of the Crypto Gambling Foundation, which guarantees that all its games are provably fair.

Games: They offer a pretty vast selection of 1,021 games, including 16 that are developed exclusively for Stake.com. But perhaps the most enticing feature is their incredibly high Return To Player percentage, which reaches 99% for some games.

Bonuses: Stake doesn’t provide any welcome bonuses at the moment, though you can receive a 15% lifetime Rakeback. It’s available with a special promo code that users apply when signing up.

How to Bet With Bitcoin

While plenty of platforms on the market offer the ability to bet with Bitcoin, actually doing so remains a subject of some trepidation for the average punter.

Fortunately, it doesn’t take lots of effort to use one’s cryptocurrency on these platforms, and for this quick guide, we’ll use our number one pick, BetOnline, as an example:

  1. Set up and get comfortable with your Bitcoin wallet. For many users, this could simply be an account with any reputable cryptocurrency exchange, but some choose to self-custody their cryptocurrencies using electronic wallets like Ledgers and Trezors, or even create paper wallets. The wallet, once created, needs to be funded, normally by purchasing crypto from an exchange.
  2. Login to BetOnline and navigate to the cashier.
  3. Click on Deposit and select your preferred cryptocurrency.
  4. Enter your desired deposit amount in U.S. dollars, include your Promotional Code if applicable, and click “Next.”
  5. Only send the amount displayed on the cashier screen from your crypto wallet to BetOnline’s using the alpha-numeric address provided by the cashier. The address can only be used once and has an expiration time so don’t wait too long or your deposit may show delays.
  6. A “transaction completed” message will appear on the deposit page when done. It may take up to two hours to complete but is usually within minutes.

 

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